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<keyword id="20779198" type="General" weightage="20" keywordseo="Chief-Economic-Advisor" source="keywords">Chief Economic Advisor</keyword> V Anantha Nageswaran emphasized the crucial and positive role that artificial intelligence (<keyword id="19899640" type="General" weightage="20" keywordseo="AI" source="keywords">AI</keyword>) can play for the <keyword id="22505095" type="General" weightage="20" keywordseo="Indian-demography" source="keywords">Indian demography</keyword> and <keyword id="20278114" type="General" weightage="20" keywordseo="labour-force" source="keywords">labour force</keyword> during a press conference on the <keyword id="20613906" type="General" weightage="100" keywordseo="Economic-Survey" source="keywords">Economic Survey</keyword> 2023-24. He noted that within the next decade, India is poised to become the world's third-largest economy and will benefit significantly from its demographic dividend. However, Nageswaran also acknowledged potential challenges posed by AI, particularly for India's <keyword id="20811086" type="General" weightage="20" keywordseo="business-process-outsourcing" source="keywords">Business Process Outsourcing</keyword> (BPO) sector. He stated, "The short-term challenge of generative AI could slow <keyword id="22505093" type="General" weightage="20" keywordseo="BPO-sector-growth" source="keywords">BPO sector growth</keyword>, affecting <keyword id="21300718" type="General" weightage="20" keywordseo="customer-services" source="keywords">customer services</keyword>. It is possible that the jobs related to BPO will be under threat whereas AI may actually turn out to be a booster." Furthermore, Nageswaran also pointed out that the emergence of AI might reduce annual <keyword id="21420133" type="General" weightage="20" keywordseo="productivity-growth" source="keywords">productivity growth</keyword> by approximately 0.3 percentage points in the coming years. This indicates a potential short-term dip in productivity as industries adapt to new technologies. Despite these challenges, Nageswaran added that the long-term potential of AI is promising. The broader adoption of AI could lead to significant improvements in critical areas such as healthcare and education, thereby enhancing human capital. The economic survey presented in the Parliament by finance minister Nirmala Sithraman says in the medium term Indian economy can grow at a rate of 7 per cent. The economic survey stated, "In the medium term, the Indian economy can grow at a rate of 7 per cent plus on a sustained basis if we build on the structural reforms undertaken over the last decade. This requires a tripartite compact between the Union Government, State Governments and the private sector." Achieving a sustained growth rate of over 7 per cent will require a tripartite compact between the Union Government, State Governments, and the private sector. India's financial sector is undergoing critical transformations. During FY24, primary capital markets facilitated capital formation of Rs 10.9 lakh crore, accounting for approximately 29 per cent of the gross fixed capital formation of private and public corporates in FY23. It further adds India faces a unique blend of opportunities and challenges amid global trends such as geo-economic fragmentation, a push for self-reliance, looming climate change, the rise of technology, and limited policy space. (ANI)

AI could slow BPO sector growth: Chief Economic Advisor Nageshwaran

The <keyword id="6354872" type="General" weightage="100" keywordseo="economic-survey" source="Orion">Economic Survey</keyword>, which was tabled earlier today by Finance Minister <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> estimated that in 2022-23, India's total workforce stood at nearly 56.5 crore. However, as data from the recent Periodic Labor Force Survey (PLFS) notes, their distribution is highly skewed, with over 45% of them engaged in agriculture, followed by 28.9% in services, 13% in construction, and 11.4% in manufacturing. At the same time, while the agriculture sector has grown at about 4.18% at constant prices over the last 5 years, India's service sector is estimated to have grown by around 7.6% in just the last financial year, as provisional estimates suggest. As such, the continued dominance of the agriculture sector as an employer, particularly when it comes to women, is concerning, especially as India's service sector, which contributes about 55% to the total size of economy, demands increasingly more workers, who possess specific, focused skill sets (think blockchain, AI, machine learning, 3D printing, web development and more). <h2>Encouraging trends</h2>The unemployment rate amongst youth, or those aged between 15-29 has come down sharply to 10% in 2022-23, from 17.8% in 2017-18. Nearly 75% of all new subscribers on EPFO payroll, a gauge for formal employment generation, are aged between 18 and 28. But while our economy keeps pace with employing young population, a staggering 57.3% of this workforce is self-employed, while another 18.3% work as unpaid laborers in households. The most prominent participant in both these categories happen to be women. As for regular wage or salaried workers, they constitute merely 20.9% of the workforce. Casual labor, characterized by sporadic, intermittent terms of employment, makes up for 21.8% of the workforce. Its not as if female labor workforce participation (FLFPR) is dwindling. In fact, as the survey notes, it has been rising for the last 6 years, with rural FLFPR inching up by 16.9 percentage points between 2017-18 and 2022-23. But the same rise is not to be seen in urban FLFPR, which inched up a meagre 5% to 25.4% in 2022-23. Pan-India, women participation in workforce jumped to 37%, largely driven by the thrust in rural FLFPR. The growth in terms of wages per worker in rural areas between FY15-22 was also higher in rural areas at 6.9%, as compared to 6.1% in urban areas. So, what can be done to rationalize this lopsidedness in employment? <h2>Developing the care economy </h2>In order to cater to the requirements of the growing workforce, the survey estimated that India will have to annually generate around 78.5 lakh non-farm jobs annually till 2030. And with India's care needs set to grow significantly in the next 25 years, it is time to develop India's care economy. Consider this-by 2050, the population of those aged between 0-14 years will decline to 18%, or 30 crore people, while those aged above 60 will swell to 20.8%, or a massive 34.7 crore person. Both these segments will need considerable care, which is currently an unpaid job both employed and unemployed women already undertake. Per NSO’s time use statistics for 2019, working-age women in India spend 5.6 hours per day on unpaid work, as opposed to just 30 mins for men. Even employed women end up spending 6x more time on unpaid care, compared to their male counterparts. As it is, studies notes that an additional hour of caregiving per day reduces women’s labor market participation by 20 percentage points, while having no effect on men. A recent report by CII pegged the economic value of women's unpaid domestic and care work to be a staggering 15-17% of GDP. As it is, care economy is one of the fastest growing sectors, expected to generate around 475 million jobs globally. In India, an investment of just 2% of GDP could lead to 11 million new jobs, 70% of which will go to women, accelerating their participation in labor force, the survey revealed. As such, developing India's care economy, both for catering to its young and silver dividend, will become a cornerstone for employment related policies in the times to come.

Economic Survey 2023-24: Where does India stand on the employment, and what's next?

Gender discrimination is the reason for 98 per cent of employment gap between males and females in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>, according to a new report of <keyword id="69945" type="General" weightage="50" keywordseo="oxfam-india" source="Orion">Oxfam India</keyword>. The report highlighted that woman in India despite their same educational qualification and work experience as men will be discriminated in the labour market due to societal and employers' prejudices. The Oxfam India's 'India Discrimination Report 2022' shows that discrimination causes 100 per cent of employment inequality faced by women in rural areas in labour market and 98 per cent in urban areas. The report said self-employed males earn 2.5 times more than females, 83 per cent of which is attributed to gender-based discrimination and 95 per cent of the gap between the earnings of male and female casual wage workers is due to discrimination. According to the report, gender discrimination is the reason for 98 per cent of the employment gap between males and females. Woman in India despite their same educational qualification and work experience as men will be discriminated in the labour market due to societal and employers' prejudices, it said. The report further said that 93 per cent of the gap in earnings of males and females is due to discrimination. Rural self-employed males earn twice of what females earn in rural areas. Male casual workers earn Rs 3,000 per month more than females, 96 per cent of which is attributed to discrimination, it said. As high as 91.1 per cent of the gap in earnings between males and females is explained by discrimination. The academically recognised statistical model applied in the report is now able to quantify the discrimination women face in the labour market. The lower wages for salaried women are due to 67 per cent of discrimination and 33 per cent due to lack of education and work experience, the report said. Oxfam India called on the government to actively enforce effective measures for the protection and right to equal wages and work for all women. The Government of India should also incentivise the participation of women in workforce, including enhancement in pay, upskilling, job reservations and easy return-to-work options after maternity, the report said. What the report finds is if a man and woman starts on an equal footing, the woman will be discriminated in the economic sphere where she will lag behind in regular/salaried, casual and self-employment, said <keyword id="1594237" type="General" weightage="50" keywordseo="amitabh-behar" source="Orion">Amitabh Behar</keyword>, CEO of Oxfam India. "The inequality in the labour market for gender and other social categories, the report finds, is not just due to poor access to education or work experience but because of discrimination," he said. These findings are based on the government data on employment and labour from 2004-05 to 2019-20. The Oxfam India report refers to unit level data from 61st round <keyword id="179132" type="General" weightage="50" keywordseo="national-sample-survey" source="Orion">National Sample Survey</keyword> (NSS) data on employment-unemployment (2004-05), the <keyword id="3429286" type="General" weightage="50" keywordseo="periodic-labour-force-survey" source="Orion">Periodic Labour Force Survey</keyword> in 2018-19 and 2019-20 and All India Debt and Investment Survey by the government. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/online-education-platform-upgrad-acquires-centum-learning-to-upskill-enterprise-workforce/articleshow/94216993.cms">Online education platform upGrad acquires Centum Learning to upskill enterprise workforce</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/fitch-slashes-indias-fy23-gdp-growth-forecast-to-7-from-7-8-earlier/articleshow/94213633.cms?utm_source=google_newsstand&amp;utm_medium=google_rssfeed&amp;utm_campaign=news_referral">Fitch slashes India's FY23 GDP growth forecast to 7% from 7.8% earlier</a>

Self-employed males earn 2.5 times more than females: Oxfam

Indias urban unemployment rate improved remarkably in the April-June quarter, revealed the <keyword id="7734679" type="General" weightage="50" keywordseo="national-statistical-office" source="Orion">National Statistical Office</keyword>. It dipped to 7.6 per cent during the April-June quarter from 12.6 per cent during the corresponding quarter a year ago. It is a clear indication that the country's economy is coming out the grip of Covid-induced slowdown. India's urban unemployment rate improved across genders and age groups to its best-ever level in the quarter ending June 2022.India's headline urban unemployment rate was 7.6 per cent in the quarter ending June, compared to 8.2 per cent in the quarter ending March, 12.7 per cent in the June quarter of 2021-22, and 8.9 per cent in the June quarter of 2019-20. Joblessness was high in April-June 2021 mainly due to the staggering impact of Covid-related restrictions in the country. The 15th <keyword id="3429286" type="General" weightage="50" keywordseo="periodic-labour-force-survey" source="Orion">Periodic Labour Force Survey</keyword> (<keyword id="1697741" type="General" weightage="80" keywordseo="plfs" source="Orion">PLFS</keyword>) showed that the unemployment rate among females (aged 15 years and above) in urban areas declined to 9.5 per cent in April-June, 2022 from 14.3 per cent a year ago. It was 10.1 per cent in January-March, 2022.Among males, the unemployment rate in urban areas dipped to 7.1 per cent in April-June 2022 compared to 12.2 per cent a year ago. It was 7.7 per cent in January-March 2022. Since some kinds of jobs, like those in agriculture, are seasonal in nature, unemployment rate comparisons are best made for the same quarter across years. However, the remarkable improvement in this rate can be seen from the fact that it is the lowest rate since the quarter ending June 2018, the first quarter for which the quarterly bulletins have data, revealed media reports. That the improvement in unemployment rate was not lopsided can be seen from the fact that it improved across groups. The quarterly bulletin gives a breakup of unemployment rate by gender and by three age groups: all ages, 15-29 years, and 15 years and above. Unemployment rates for all these groups was the best in the quarter ending June, media reports said. Similarly, at 37.2 per cent, the labour force participation rate (<keyword id="4279410" type="General" weightage="80" keywordseo="lfpr" source="Orion">LFPR</keyword>) - or the share of population working or seeking work - in the first quarter of the current financial year was the highest for this quarter for any year since 2018-19 and 10 basis points (100th of a percentage point) higher than in the first quarter of last year. While LFPR was not at its best level in the quarterly bulletin's history like the unemployment rate, it is enough for it to be best for the June quarter because of the seasonality factor. The broad industry-wise breakup of workers further showed that employment prospects also improved. The share of workers in agriculture, secondary sector (which includes sectors like manufacturing and mining), and tertiary sector (comprises services) was 5.7 per cent, 34 per cent and 60.3 per cent, respectively. The share in agriculture is an improvement over the June quarters of FY 2021-22 and FY 2020-21, both affected by lockdowns, but not over FY 2019-20, when only 4.9 per cent were in agriculture. The share in tertiary sector was similarly a higher 62 per cent in FY 2019-20, a clear sign that though people are seeking and finding jobs with the pandemic under control, they may not be earning as much as they did before the pandemic. These signs will be confirmed or rejected when the unit-level data becomes available, the report stated. Labour force refers to the part of the population which supplies or offers to supply labour for pursuing economic activities for the production of goods and services and, therefore, includes both employed and unemployed persons. The NSO launched PLFS in April 2017. On the basis of PLFS, a quarterly bulletin is brought out giving estimates of labour force indicators namely unemployment rate, worker population ratio (<keyword id="1966243" type="General" weightage="50" keywordseo="wpr" source="Orion">WPR</keyword>), labour force participation rate (LFPR), distribution of workers by broad status in employment and industry of work in Current Weekly Status. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/gromo-raises-11-million-plans-to-double-headcount-in-6-12-months/articleshow/94031705.cms">GroMo raises $11 million, plans to double headcount in 6-12 months</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/dreamfolks-services-beats-grey-market-expectations-lists-at-a-55-premium/articleshow/94017839.cms">DreamFolks Services stock slips 8% from its listing price</a>

India's urban unemployment rate dips to 7.6% in the April-June quarter

India's economic engine is roaring, and the job market reflects that optimism. The latest <keyword id="20613906" type="General" weightage="20" keywordseo="Economic-Survey" source="keywords">Economic Survey</keyword> 2023-2024 paints a picture of a growing economy brimming with opportunities, but also cautions of potential roadblocks on the road to success. <h2>Cause for celebration</h2>The good news is plentiful, if the recent Economic Survey tabled by <keyword id="20426375" type="General" weightage="20" keywordseo="Union-Finance-Minister-Nirmala-Sitharaman" source="keywords" meta.keywordsubtype="org" meta.entityname="Union Finance Minister Nirmala Sitharaman" meta.hostid="261" meta.entityid="Union Finance Minister Nirmala Sitharaman">Union Finance Minister Nirmala Sitharaman</keyword> is to be believed. The <keyword id="20054242" type="General" weightage="20" keywordseo="unemployment-rate" source="keywords">unemployment rate</keyword> has dipped to an impressive 3.2% in 2022-23, signifying a more vibrant job market. Increased participation of young people and women in the workforce presents a golden opportunity to leverage India's demographic dividend and achieve greater gender equality. Additionally, a surge in net payroll additions under the Employees' Provident Fund Organisation (EPFO) indicates a healthy rise in formal jobs, offering much-needed security for workers. The government's "Skill India" initiative is gaining traction, with a significant rise in the number of people undergoing skill development programs, the Economic Survey highlighted. This is crucial, as India's burgeoning tech scene, with its skyrocketing number of startups, is creating a wealth of new opportunities that demand a skilled workforce. <div type="Article" hostid="261" msid="111920956" title="FM Nirmala Sitharaman tables Economic Survey 2023-24 in Lok Sabha" mstype="2" mssubtype="0"></div> <h2>Challenges on the horizon </h2>However, amidst the optimism, there are challenges to navigate. While <keyword id="107950" type="General" weightage="20" keywordseo="artificial-intelligence" source="Orion">Artificial Intelligence</keyword> (AI) promises to revolutionise industries, it also poses a threat to some existing jobs. The Economic Survey emphasises the need to use technology for collective benefit, advocating against over-reliance on automation. Another significant hurdle is the widening <keyword id="21466653" type="General" weightage="20" keywordseo="skills-gap" source="keywords">skills gap</keyword>. The rapid transformation of the <keyword id="20001119" type="General" weightage="20" keywordseo="services-sector" source="keywords">services sector</keyword>, marked by the rise of domestic service delivery powered by technology (think online food delivery and home automation) and the diversification of India's services exports beyond traditional sectors like IT, demands a workforce equipped with specialised skills. Areas like Blockchain, Machine Learning, <keyword id="19906883" type="General" weightage="20" keywordseo="cybersecurity" source="keywords">Cybersecurity</keyword>, <keyword id="19960489" type="General" weightage="20" keywordseo="cloud-computing" source="keywords">Cloud Computing</keyword>, and Web and Mobile Development are becoming increasingly important. Outdated regulations, particularly those related to land use and restrictions on women's working hours, are further hindering job creation and female labour force participation. Deregulation in these areas is crucial to unlock India's full growth potential, according to the Economic Survey. The report also highlights the need for industry to take the lead in fostering innovation and skill development. Collaboration with academia and revamped vocational education programs are key to bridge the current skill gap. <div type="Article" hostid="261" msid="111922453" title="AI casts huge pall of uncertainty over impact on workers across skill levels: Economic Survey" mstype="2" mssubtype="0"></div> <h2>Opportunities beyond tech</h2>The Economic Survey identifies promising sectors with the potential to create a significant number of jobs: <ul><li>Agro-processing: This sector can be a major job generator, especially in rural areas.</li><li>Care Economy: The growing demand for elder care and childcare services presents an opportunity for skilled professionals.</li><li>Tourism: While AI might moderate India's services export growth, the report emphasises the importance of the <keyword id="20260982" type="General" weightage="20" keywordseo="tourism-sector" source="keywords">tourism sector</keyword>, which is relatively less skill-dependent, for employment generation. To capitalise on this opportunity, public policy should focus on enhancing the tourism sector's infrastructure and services.</li></ul><h2>Upskilling for the future</h2>India's job market is on an exciting trajectory. But addressing the skills gap, adapting to technological advancements and promoting innovation is crucial. By upskilling the workforce through government and industry collaboration, India can become a high-value partner in areas like cybersecurity and enterprise management. <div type="Article" hostid="261" msid="111923191" title="Economic Survey 2024 – industries grow by 9.5%, fueling economic growth to 8.2%" mstype="2" mssubtype="0"></div>

Economic Survey 2023-2024 highlights emerging job trends in AI, Cybersecurity, 3D Printing and Web Development

<ul class="summary-list"><li>The unwind of the global yen "carry trade" is a force battering stocks. </li><li>Investors in recent years borrowed at low rates in Japan to invest in higher-yielding assets.</li></ul><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/apple-stock-price-plunge-warren-buffett-cuts-stake-berkshire-hathaway-2024-8">Stocks plunged on Monday,</a> and market pros say a lot of it has to do with the global unwind of the yen "carry trade."The carry trade refers to investors borrowing money at near-zero interest rates in Japan, and then redeploying that cash into higher-yielding assets around the world, such as stocks and bonds. "The selloff here is to a large extent attributable to the unwind of the so-called carry trade," Ed Yardeni <a target="_blank" class="" href="https://www.youtube.com/watch?v=l5o3EIb1i_w">told Yahoo Finance on Monday.</a>Typically, the cheap cash raised in Japan is redirected into higher-yielding US Treasurys, with investors collecting the difference between the interest rates set by the Bank of Japan and the Federal Reserve.But in times of strong risk-on sentiment, like the long period of bullishness that's fueled the stock market since the rally began in November 2022, the yen carry trade has spilled over into other assets like stocks."They took that money in and invested it in assets around the world including the Magnificent 7, Mexican assets, Brazillian assets, and some of that didn't go that far, they went into the Japanese stock market," Yardeni said.But after the Bank of Japan <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/japanese-stock-market-selloff-boj-rate-hike-us-economy-s2024-8">unexpectedly raised interest rates 15 basis points last week</a> amid the prospect of rate cuts by the Federal Reserve, the yen has strengthened. That's sparked a wave of margin calls, leading to speculators unwinding their positions and selling stocks."I think the proof of that is that it's a global sell-off, which suggests a lot of money was raised in Japan at 0% interest rates and used to speculate in other parts of the world, so I think that's all coming unglued and I think it's a lot of margin calls and I think it's going to happen pretty quick and the unwind should be over by the end of the week," Yardeni explained.The unwind in the yen carry trade will go down as the biggest ever, according to a Monday note from Societe Generale.SocGen's chief global currency strategist Kit Juckes said that while he is treating Monday's plunge in stock prices with suspicion, as big moves on Monday tend to "happen in a vacuum," there is still room for downside in the stock market and economy.The risk going forward for markets isn't what the Japanese yen does, but rather what US tech stocks do, according to Juckes."The rally was huge, the valuations were stretched and Warren Buffett's liking for cash is making headlines again. If that market keeps falling, it will affect the economy and the Fed," Juckes said.Juckes added: "The labour market remains tight, the economy is still growing. That would change if equities fell too far/fast, and it would change if the August jobs report at the start of September was very weak."Yardeni maintained his positive outlook on stocks despite the sharp rise in market volatility."It's too late to panic is sort of my attitude towards this sell-off," Yardeni said. "I think the economy is doing better, and I'm blaming the weather for a lot of the weakness in July's employment report… and I still don't think we're going to get a recession out of all of this."

The global 'carry trade' is unwinding. Here's why it's a brutal force crushing stocks worldwide.

<ul class="summary-list"><li><a target="_blank" class="" href="https://www.businessinsider.com/consumer-spending-decline-how-retailers-respond-inflation-prices-walmart-costco-2024-6">American shoppers</a> are spending less, and that's a setback for companies from Nestlé to Southwest.</li><li>People had saved up during the pandemic, but those savings are now depleted.</li></ul>Shoppers are slowing down spending on everything from <a target="_blank" class="" href="https://www.businessinsider.com/review-signature-burgers-mcdonalds-burger-king-wendys-2023-4">burgers</a> to dishwashers, and that's bad news for a growing number of companies.Over the past few years, companies as varied as McDonald's, PepsiCo, and UPS have increased prices, helping to push <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/what-causes-inflation">inflation</a> sharply higher. While inflation has since cooled, Americans are still stuck with higher prices for many of the things they buy.But now they're cutting back — and it's up to companies to cut prices and make other changes to try to win them back.<h2 id="bdec5f72-a282-41a7-9c76-d076e47b4399">Shoppers are slowing down food spending — even at grocery stores</h2>The spending slowdown has hit restaurant chains, which have launched new deals to get customers in the door. <a target="_blank" class="" href="https://www.businessinsider.com/mcdonalds-meal-deal-led-to-bump-in-restaurant-visits-discounts-2024-7">McDonald's said its $5 value meal</a> had gotten some customers to visit its restaurants after years of increasing prices.But rivals, including <a target="_blank" class="" href="https://www.businessinsider.com/the-5-dollar-mcdonalds-deal-might-not-be-cheap-enough-2024-7">Burger King and Taco Bell</a>, have launched longer-lasting discounts. Some analysts have said that McDonald's $5 meal deal, which was initially scheduled to last one month but has been extended, wasn't enough to boost sales in the long-term.More discounts could be attractive in this economy, consumer industry analysts at Jefferies wrote in a research note Monday."Consumers are choosing to stay at home or look for cheaper alternatives than more expensive sit-down restaurants," the analysts wrote.<div type="image" title="A Starbucks counter" height="683" width="1024" msid="112177115" hostid="261" sizebytes="87300"></div><a target="_blank" class="" href="https://www.businessinsider.com/starbucks-reinvented-cafes-managment-plan-lines-waits-sales-2024-7">Starbucks</a> also reported a decline in visits, which CEO Laxman Narasimhan attributed to "a challenging consumer environment," especially among casual customers.It's not just coffee breaks that are seeing less demand. Essential products like packaged foods, soap, and dish detergent are also seeing a dip, companies flagged in their latest earnings reports.Snack maker Mondelez saw shoppers shift their purchases of Oreo cookies and Ritz crackers from supermarkets to discount stores like Walmart, which have a reputation among consumers for offering better value, CEO Dirk Van de Put said during the company's earnings call on Monday.<a target="_blank" class="" href="https://www.businessinsider.com/why-youre-still-spending-much-of-your-budget-on-food-2024-2">Food prices</a> aren't rising as much as they did over the last couple of years, but consumers are still feeling the pinch, he said."They see the food prices that have increased and they have a feeling of less purchasing power," Van de Put said, adding that Mondelez is planning to offer smaller smaller packs of its products to appeal to lower-income shoppers.Food prices at grocery stores are up 24% since March 2020, though they've somewhat leveled out in the past year, according to the <a target="_blank" class="" href="https://fred.stlouisfed.org/graph/fredgraph.png?g=1r3nd">Bureau of Labor Statistics.</a> And prices at restaurants are up 27% over the same period.Unilever, which makes Hellman's mayonnaise and Axe body spray, and Nestlé, which makes San Pellegrino sparkling water and KitKat bars, also pointed to low-income shoppers in particular spending less on their brands in North America, echoing <a target="_blank" class="" href="https://www.businessinsider.com/snack-prices-may-fall-after-years-of-inflation-pepsico-said-2024-7">remarks earlier this month from PepsiCo</a>.<h2 id="af42146b-aef8-48de-ade4-242cdd7062ce">The spending slowdown is also hitting appliance purchases and travel</h2>It's not just small items like food and household essentials that are seeing the pull-back from price-sensitive shoppers. Bigger purchases are also suffering, too.Whirlpool reduced its per-share earnings target for the year as it reported <a target="_blank" class="" href="https://s202.q4cdn.com/229739679/files/doc_financials/2024/q2/Exhibit-99-1-Press-Release-06-30-2024-2.pdf">second-quarter earnings</a> last week, for instance, citing lower demand for dishwashers and other home appliances due to a cooling housing market.Southwest Airlines said its revenue metrics would fall more than it previously expected next quarter. While the number of business trips on the airline has grown faster than its capacity this year, there was "choppiness with regards to off-peak times and how much leisure spending is going on" when it comes to vacation travelers, COO Andrew M. Watterson said last week on the company's earnings call.And UPS said it would cut prices earlier this month as it attempts to attract more customers.One likely reason this is happening now is that US households have largely used up all of their pandemic-era savings, saving rates are now at historic lows, and workers are receiving fewer (and smaller) pay increases this year.A Wells Fargo <a target="_blank" class="" href="https://newsroom.wf.com/English/news-releases/news-release-details/2024/Two-thirds-of-Americans-have-decreased-spending-due-to-economy-Wells-Fargo-Money-Study-finds/default.aspx">survey</a> earlier this year said nearly 70% of Americans had cut spending — and more than 60% said they had little left for "extras" after paying their monthly bills."The data tells us that Americans — no matter who they are — are uncertain about the sustainability of their financial lives," said Michael Liersch, Wells' head of advice and planning.Over the past two years, income growth has helped consumer spending beat expectations, Jefferies analyst Corey Tarlowe said in a note on Monday. But the recent slowdown could be acting as a drag on sales across industries.<div type="image" title="A Carnival cruise ship with the Golden Gate Bridge in background" height="611" width="1024" msid="112177117" hostid="261" sizebytes="87352"></div><h2 id="16c0eef4-92d1-46f5-8214-63b946146cac">Americans are still spending on experiences</h2>With the sales slowdown affecting purchases of everything from groceries to furniture, there are some things people are still spending money on, the Jefferies consumer team wrote in a separate note Monday.Americans "are still traveling, heading to sporting events, attending concerts, and playing more golf," the analysts wrote, citing data showing that people are still booking cruise vacations and attending WrestleMania events in record numbers.Even Starbucks' decline in visits was partially offset by bigger multi-beverage orders from the company's loyalty program, and its new <a target="_blank" class="" href="https://www.businessinsider.com/starbucks-popping-pearls-boba-drinks-summer-berry-skies-refresher-sales-2024-7">boba-inspired beverages were so popular they ran out</a>.Meanwhile, value-oriented retailers are doing pretty well.Walmart continues to report strong sales, not just among low-income shoppers, but increasingly from higher-earners as well; and Costco felt comfortable enough to <a target="_blank" class="" href="https://www.businessinsider.com/costco-raising-membership-fee-gold-star-executive-cost-2024-7">raise its membership fee</a> for the first time in seven years.The <a target="_blank" class="" href="https://www.businessinsider.com/gdp-gross-domestic-product-second-quarter-2024-us-economy-2024-7">economy is still humming along</a> nicely, but if consumer brands want to keep it that way, they're going to need to continue getting creative about<a target="_blank" class="" href="https://www.businessinsider.com/consumer-spending-decline-how-retailers-respond-inflation-prices-walmart-costco-2024-6"> giving customers more bang for their buck</a>.Do you work in retail and have a story idea to share? Reach out to these reporters at abitter@businessinsider.com and dreuter@businessinsider.com

Americans aren't spending like they used to, and it's forcing a reckoning for companies from Starbucks to Whirlpool

<ul><li>The number of salaried <keyword id="32919" type="PERSON" weightage="20" keywordseo="women-employees">women employees</keyword> in the urban workforce has increased by 2.1%, compared to 1.5% amongst men, according to the <keyword id="3429286" type="PERSON" weightage="20" keywordseo="Periodic-Labour-Force-Survey">Periodic Labour Force Survey</keyword> (PLFS) released by the National Statistical Organisation (NSO). </li><li>The overall share of salaried employees improved from 48.3% in 2018 to 50% in March 2019. </li><li>The unemployment rate dropped to 11.6% among women against 12.8% in June last year. </li><li>According to the Monster Salary Index, women earn 19% less than men in India. </li></ul>Fewer Indian women are a part of its labour market. But their participation seems to be growing at a faster rate than that of men. Salaried women employees in the urban workforce increased by 2.1% as compared to 1.5% among men, according to the <a href="https://economictimes.indiatimes.com/jobs/rise-in-salaried-workers-women-fare-better-nso/articleshow/72217767.cms?from=mdr">Periodic Labour Force Survey (PLFS) </a>released by the National Statistical Organisation (NSO). The overall share of salaried employees improved from 48.3% in 2018 to 50% in March 2019. However, the survey also says that unemployment is higher among women. The rate of unemployment in women dropped to 11.6% as against 12.8% in June last year. But it is yet to match that of men where unemployment rate is at 8.7%. <keyword id="2191211" type="PERSON" weightage="20" keywordseo="gender-pay-gap">Gender pay gap</keyword> remains However, the pay gap remains an area of concern for the government and organisations. According to the<a href="https://www.businesstoday.in/current/economy-politics/gender-pay-gap-still-high-women-in-india-earn-19-per-cent-less-than-men-report/story/325378.html"> Monster Salary Index,</a> women earn 19% less than men in India. The online job search platform shows that the gender pay gap widens with higher skill level but exist all across. This could be one of the many reasons why women participation in the workforce is low. Even after five years, merely 22% of the females between the age bracket of 15-30 years are expected to enter the labour force, according to the <a href="https://indianexpress.com/article/india/skills-study-over-next-5-years-just-1-in-5-entrants-to-labour-force-a-woman-6127848/">National Skills Development Corporation</a>. That means, of the 59 million people who enter the job market, only one in five will be women. Education Statistics Though fewer women are expected to work, there has been no change in women who are keen on an education. Female participation at the higher secondary level stood at 70.8% over the last decade. But this is changing as the skill levels increase. The share of women in engineering and management courses dropped in 2018, the survey highlighted. While the students enrolling in vocational courses rose by 3.9% in the last four years. See also: <a href="https://www.businessinsider.in/unemployment-in-india-highest-among-urban-youth-says-government-data/articleshow/69631185.cms">Unemployment in India highest among urban youth, says government data</a> <a href="https://www.businessinsider.in/male-workforce-is-reportedly-shrinking-in-india-reveals-job-survey-by-nsso/articleshow/68498030.cms">Male workforce is reportedly shrinking in India, reveals job survey by NSSO</a> <a href="https://www.businessinsider.in/business/news/over-200-economists-academicians-ask-govt-to-release-nsso-data-reports/articleshow/72172989.cms">Over 200 economists, academicians ask govt to release NSSO data, reports</a>

More women are drawing salaries in India but the gender pay gap persists

<ul><li>Nearly 93% of the population in India did not receive any vocational or <keyword id="639521" type="UNKNOWN" weightage="20" keywordseo="technical-training">technical training</keyword>, according to <keyword id="3429286" type="PERSON" weightage="20" keywordseo="Periodic-Labour-Force-Survey">Periodic Labour Force Survey</keyword> (PLFS) 2017-18. </li><li>In contrast, as many as 1.5 million(21%) people have gained skills and jobs under the country’s <keyword id="2473582" type="PERSON" weightage="20" keywordseo="Skill-India-mission">Skill India mission</keyword>. </li><li>Globally, nearly 73 million young people are unemployed, according to the <keyword id="6355833" type="LOCATION" weightage="20" keywordseo="united-nations">United Nations</keyword>. </li><li>In the last budget speech, the government had announced industry relevant skill training for 10 million youth in India.</li></ul>Despite Indian government’s Skill India initiative, a large chunk of its population — nearly 93% — never received any vocational or technical training. According to the Periodic <keyword id="1830313" type="PERSON" weightage="20" keywordseo="Labour-Force-Survey">Labour Force Survey</keyword> (PLFS) 2017-18, merely 1.8% of the population received formal training on technical aspects and employment-ready skills, Mint <a href="https://www.livemint.com/politics/policy/a-third-of-skilled-youth-in-india-jobless-official-survey-1565161972818.html">reported</a>. While roughly 6% received informal training on job skills, self-learning, etc. Pass percentage As per the recent developments, as many as 1.5 million people have gained skills and jobs under the country’s Skill India mission. However, it is only 21% of the total trainees — 7.2 million — who enrolled for the programme. Adding to the trouble, nearly half of the youth that is trained is not employed, as per the PLFS data. Approximately three in every five skilled women were recorded as unemployed. This clearly indicates an alarming rate of unemployment in India. Globally, nearly <a href="https://news.un.org/en/story/2019/07/1042421">73 million</a> young people are unemployed, with 40 million joining the labour market each year. And, that calls for the need to create 475 million new jobs over the next decade, according to the United Nations. <div type="twitter" handle="UN" handlename="United Nations" image="http://pbs.twimg.com/profile_images/950749155575541760/MZoiVs3G_normal.jpg" favoritecount="621" retweetcount="354" status="Young people are almost 3 times more likely to be unemployed than adults. On Monday's World Youth Skills Day, learn… https://t.co/vxtwr9yW7V" createdat="1563141720000" id="1150525880369762304"></div>

 In a bid to boost employment in the country, the government announced industry relevant skill training for <a href="https://www.businessinsider.in/skill-india-mission-employment-rate-is-too-low/articleshow/70459576.cms">10 million youth</a> during the budget speech. The focus will be on building skills in technologies like — Artificial Intelligence, Big Data, Virtual Reality, 3D printing and Robotics — to promote higher remuneration. See also: <a href="https://www.businessinsider.in/skill-india-mission-employment-rate-is-too-low/articleshow/70459576.cms">Only one in five people trained under government's Skill India Mission found jobs</a> <a href="https://www.businessinsider.in/goa-will-reserve-4-in-every-5-private-jobs-for-locals-making-it-the-third-indian-state-to-crackdown-on-migration/articleshow/70476187.cms">Goa will reserve 4 in every 5 private jobs for locals-- making it the third Indian state to crackdown on migration</a> <a href="https://www.businessinsider.in/urbanclap-partners-with-national-skill-development-corporation/articleshow/70229453.cms">Urbanclap to become Skill India certified, will create a million micro-entrepreneurs in the country</a>

Nearly 93% of the population in India lacks vocational and technical skills: Report

New Delhi [India], November 13 (ANI): <keyword id="178886" type="General" weightage="20" keywordseo="indian-manufacturing" source="Orion">Indian manufacturing</keyword> has accelerated through the second quarter of 2023-24 and is likely to continue for the subsequent quarters of the financial year 2023-24, notwithstanding the slowdown in developed nations, industry body <keyword id="19481819" type="General" weightage="20" keywordseo="ficcis-latest-quarterly" source="Orion">FICCI's latest quarterly</keyword> survey revealed. The industry body's latest quarterly survey assessed the performance and sentiments of manufacturers for the July-September 2023-24 quarter for ten major sectors -- automotive and auto components, capital goods and construction equipment, cement, chemicals fertilizers and pharmaceuticals, electronics and white goods, machine tools, metal and metal products, textiles, apparels and technical textiles, paper, and miscellaneous. It sought responses from over 380 manufacturing units from both the large and SME segments with a combined annual turnover of over Rs 4.88 lakh crores. The existing average capacity utilization in the Indian manufacturing sector is around 74 per cent, slightly higher than the 73 per cent recorded during the previous quarters. The future <keyword id="628648" type="General" weightage="20" keywordseo="investment-outlook" source="Orion">investment outlook</keyword> has also improved as compared to the previous quarter as over 57 per cent of respondents reported plans for investments and expansions in the coming six months. This is also a slight improvement over the previous survey. In terms of major constraints, demand is a limiting factor to realise the true potential of the manufacturing sector in India, with over 40 per cent of respondents highlighting this as a significant constraint. "Whether it is domestic demand or exports, this remains a major limiting factor. Some other constraints, though not major ones are high raw material prices, increased cost of finance, logistics, and other supply chain disruptions are some of the major constraints which are affecting expansion plans of the respondents," finds the FICCI survey. The table below gives the average capacity utilization for various sub-sectors of manufacturing: On the export front, performance seems to be better than in previous quarters as over 48 per cent of the respondents reported higher exports in July-September 2023-24 as compared to 33 per cent in Q1 2023-24. "However, further improvement in export demand is required in the light of the country's growth aspiration," FICCI said. Further, the hiring outlook, according to the survey, looks stable with around 38 per cent of the respondents looking at hiring additional workforce in the next three months. "Most sectors have sufficient labour force engaged in their operations and are not facing a shortage of labour at factories. While 82 per cent of our respondents mentioned that they do not have any issues with workforce availability, the remaining 18 per cent feel that there is still a lack of skilled workforce available in their sector," FICCI noted. (ANI)

Indian manufacturing sector growth expected to continue: FICCI survey

<ul><li><keyword id="3080230" type="PERSON" weightage="20" keywordseo="gig-economy">Gig economy</keyword>, which constitutes for over 1.4 million working professionals in India, has added 40,000 more women gig workers, according to an ET report. </li><li>According to Employment Outlook Report by TeamLease Services, the total number of women gig workers in India stands at 67,900. </li><li>The wage bracket of such employees ranges from ₹15,000 to ₹30,000.</li></ul>More women are finding work, thanks to the increasing gig economy but they are being paid less, widening the gender parity. India’s 1.4 million strong gig economy added 40,000 women this year, according to an <a href="https://economictimes.indiatimes.com/jobs/women-bag-frontline-roles-in-gig-economy-but-lag-behind-in-wages/articleshow/70442660.cms?from=mdr">ET report.</a> But, they are making 10% less than men. On an average, women make an average of ₹15,000 to ₹30,000 per month in the newly emerging gig economy. According to Employment Outlook Report by TeamLease Services, the total number of women gig workers in India stands at 67,900 — including employees at delivery hubs and fulfillment centres. In 2017, the percentage of women in salaried jobs stood at nearly 52%, as per the data by <a href="http://www.mospi.gov.in/sites/default/files/publication_reports/Annual%20Report%2C%20PLFS%202017-18_31052019.pdf"> Periodic Labour Force Survey (PLFS) 2017-18</a>. Startup Hiring Food-tech and <keyword id="35621" type="PERSON" weightage="20" keywordseo="e-commerce">e-commerce</keyword> players such as Uber, Ola, <keyword id="830092" type="COMPANY" weightage="20" keywordseo="Zomato">Zomato</keyword> and Swiggy, account for nearly 90% of the total gig workers in India. It includes workforce that is remotely managed by online platforms. Walmart owned e-commerce platform Flipkart has around 300 women working at sorting centres, packaging and in charge of hubs. Flipkart offers the best wages and provides for safety and health at workplace for gig workers in India, as per <a href="https://www.businessinsider.in/in-india-flipkart-tops-the-fairness-quotient-for-gig-economy-workers-report/articleshow/68593359.cms">Oxford Internet Institute</a>. It is followed by food delivery platform Foodpanda, cab services platform Ola and Uber. Food aggregators like Swiggy and Zomato too have female delivery partners, thanks to flexible working hours. Swiggy has over 700 women employees at its delivery hubs while Zomato has 500 all across. E-commerce platform Amazon has nearly 1,200 women employees in operational and managerial roles. India is the fifth largest country in terms of growth in flexi staff — which includes leased employees, contractual workers and temps hired from agencies. The country added nearly 1.2 million flexi workers in the last three years. See also: <a href="https://www.businessinsider.in/in-india-flipkart-tops-the-fairness-quotient-for-gig-economy-workers-report/articleshow/68593359.cms">In India, Flipkart tops the ‘fairness’ quotient for gig economy workers: Report</a> <a href="https://www.businessinsider.in/6-million-indians-will-be-in-the-gig-economy-within-two-years-thats-nearly-twice-the-current-size/articleshow/69854133.cms">6 million Indians will be in the gig economy within two years -- that's nearly twice the current size</a>

Gig economy added 40,000 new women workers, but at low wages

<ul><li>The Ministry of Statistics and Program Implementation has released employment data, projecting the unemployment rate at 6.1% in 2017-18. </li><li>Joblessness among the educated urban workforce was higher that the uneducated among men and women. </li><li>Unemployment rate among young urban jobseekers has been on the rise for three quarters now — which stood at 23.7% in the December quarter of 2018.</li></ul>As the Modi government enters its second term, unemployment remains the biggest challenge in India. The latest employment survey has highlighted worrying trends in the job market. The <a href="https://www.livemint.com/politics/policy/unemployment-on-the-rise-among-urban-youth-finds-survey-1559500104301.html">Periodic Labour Force Survey (PLFS) </a>put out by the National Statistic Office(NSO) has shown that the unemployment rate among young urban jobseekers has been on the rise for three quarters now — which stood at 23.7% in the December quarter of 2018. According to the figures released by the Ministry of Statistics and Program Implementation (MoSPD), the <keyword id="1958282" type="PERSON" weightage="20" keywordseo="unemployment-rate-in-India">unemployment rate in India</keyword> hit 6.1% — proving the disputed NSSO survey to be statistically correct. On an average, Indian students spend nearly 11 years in formal education. However, the report noted that the country projected higher unemployment rate as the <a href="https://www.businessinsider.in/indias-unemployment-rate-stands-at-13-2-among-graduates-and-post-graduates-cmie/articleshow/68517075.cms">education level increases</a>. While unemployment stood at 2.1% among the illiterate urban men, nearly 9.2% of the men with secondary education were unemployed, the report added. Moving to the female unemployment rate, the unemployment among the educated women — secondary or higher education — hit <a href="https://timesofindia.indiatimes.com/india/its-now-official-joblessness-rises-with-education-level/articleshow/69615943.cms">20% in 2017-18</a>. Overall, the unemployment among urban men stood at 7.8%, while the joblessness was recorded as 5.7% among women. The official release of the report has reopened the debate on India’s job crisis. The National Sample Survey Office(NSSO) job survey for 2017-18 revealed that the unemployment rate in India is on a <a href="https://www.businessinsider.in/unemployment-in-india-is-at-its-highest-in-45-years-says-an-indian-daily-citing-an-undisclosed-jobs-survey/articleshow/67769020.cms">45-year high</a>. The Finance Ministry released an official statement that said "There can be nothing farther away from the truth than saying that unemployment in India is at a 45 year low," India Today reported. See also: <a href="https://www.businessinsider.in/indias-unemployment-rate-stands-at-13-2-among-graduates-and-post-graduates-cmie/articleshow/68517075.cms">Fewer jobs for better educated: India’s unemployment rate stands at 13.2% among the highly educated segment</a> <a href="https://www.businessinsider.in/as-unemployment-swells-in-india-educated-millennials-favour-government-jobs/articleshow/69267943.cms">As unemployment swells in India, educated millennials favour government jobs</a> <a href="https://www.businessinsider.in/may-day-2019-indias-labour-day-comes-at-the-cost-of-570000-job-losses-and-297-deaths/articleshow/69129435.cms">May Day 2019: India’s labour day comes at the cost of 570,000 job losses and 297 deaths</a>

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